Colin
Member
Registered: 4th Apr 02
User status: Offline
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Final salary pension
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Jimbothebarbarian
Member
Registered: 19th Apr 07
Location: Cumbria..........drunk..
User status: Offline
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quote:
Originally posted by Colin
Final salary pension
Yeah that's what I had until they changed their mind.....
 good luck keeping that up to retirement age mate...
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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^^
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline
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I've still got one of them 
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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im afraid it only means something on the day you retire. they will not exist at all by the time that day comes. for anyone.
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline
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LDN M8
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John
Member
Registered: 30th Jun 03
User status: Offline
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What if you retire tomorrow?
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stuartmitchell
Member
Registered: 24th Apr 04
Location: Kirkliston, Edinburgh
User status: Offline
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I've got a stakeholder pension plan with Standard Life. I pay in £200 p/m and the Government pay £20 p/m. Going to have to sort something else out!
Anyone else thing Private Pensions are a load of shite?
Safe to say we wont be getting a state pension?
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ed
Member
Registered: 10th Sep 03
User status: Offline
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Is £200 the sort of contribution most people are making?
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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I'm on 6.25% with 13.75 from my employer.
And they just renegotiated the management fees so we get to keep more of whats paid in 
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline
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quote:
Originally posted by ed
Is £200 the sort of contribution most people are making?
I was making 160 payments on a 23k salary
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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49.60 per week.
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Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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You all pay quite a lot in. I pay £110 4 weekly
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ed
Member
Registered: 10th Sep 03
User status: Offline
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quote:
Originally posted by pow
quote:
Originally posted by ed
Is £200 the sort of contribution most people are making?
I was making 160 payments on a 23k salary
That's more than my fuckin' car costs.
Sometimes I wonder where we're meant to find money for everything...
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Pop
Member
Registered: 8th May 03
Location: Reading
User status: Offline
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A lot comes down to the quality of life you want at retirement!
Like all things there are a lot of external factors at play and a bit of luck in terms of investment performance.
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by ed
Is £200 the sort of contribution most people are making?
5% of £50k is c.£200pm so its probably top end. can be effectively bolstered by using a salary sacrifice scheme. my only annoyance is that we cant use our london allowance (paid 'seperately'!) toward it, which limits mine by about £200pa
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Paul_J
Member
Registered: 6th Jun 02
Location: London
User status: Offline
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http://www.youtube.com/watch?feature=player_embedded&v=GEAGdwHXfLQ&t=30m22s
Worth watching about 2 mins of this from 30m 22s ...
Pension funds will be so raped by the time you get to pension age it's not worth wasting time on it
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Marc
Member
Registered: 11th Aug 02
Location: York
User status: Offline
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quote:
Originally posted by Ben G
49.60 per week.
I put about that in a month
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stuartmitchell
Member
Registered: 24th Apr 04
Location: Kirkliston, Edinburgh
User status: Offline
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quote:
Originally posted by Paul_J
http://www.youtube.com/watch?feature=player_embedded&v=GEAGdwHXfLQ&t=30m22s
Worth watching about 2 mins of this from 30m 22s ...
Pension funds will be so raped by the time you get to pension age it's not worth wasting time on it
Thats my concern but what's the alternative? 
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James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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quote:
Originally posted by stuartmitchell
quote:
Originally posted by Paul_J
http://www.youtube.com/watch?feature=player_embedded&v=GEAGdwHXfLQ&t=30m22s
Worth watching about 2 mins of this from 30m 22s ...
Pension funds will be so raped by the time you get to pension age it's not worth wasting time on it
Thats my concern but what's the alternative?
SIPP.
Or at least some kind of pension that gives you a say over what it gets invested in.
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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quote:
Originally posted by Marc
quote:
Originally posted by Ben G
49.60 per week.
I put about that in a month
Lucky man!
I find it most annoying that my NI contribution is more than my pension pet week. Gotta pay out more for others than myself.
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Marc
Member
Registered: 11th Aug 02
Location: York
User status: Offline
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I wouldn't go that far, I did have a non contributory pension with Norwich Union. Have about £3k in there. I left and didn't get another pension. At my present job I pay in the figure quoted and the company pays in double. I have about 4-5k in total.
I should really have been paying in to a pension years ago but you don't think about these things! I have friends that have nothing.
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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quote:
Originally posted by Paul_J
http://www.youtube.com/watch?feature=player_embedded&v=GEAGdwHXfLQ&t=30m22s
Worth watching about 2 mins of this from 30m 22s ...
Pension funds will be so raped by the time you get to pension age it's not worth wasting time on it
CBA watching a 50 minute film, but of the amount that goes in every month, I account for 25% of that, and my company 75%.
So long as I get 25% of the fund value at the end I've not lost anything 
Entirely depends on the deal you can get.
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Paul_J
Member
Registered: 6th Jun 02
Location: London
User status: Offline
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quote:
Originally posted by AndyKent
quote:
Originally posted by Paul_J
http://www.youtube.com/watch?feature=player_embedded&v=GEAGdwHXfLQ&t=30m22s
Worth watching about 2 mins of this from 30m 22s ...
Pension funds will be so raped by the time you get to pension age it's not worth wasting time on it
CBA watching a 50 minute film, but of the amount that goes in every month, I account for 25% of that, and my company 75%.
So long as I get 25% of the fund value at the end I've not lost anything
Entirely depends on the deal you can get.
That's why I said ... watch 2 minutes of it from 30m 22s... (NOT 50mins) I even fucking time stamped it to start at 30m22s.
It's just an example of how pension funds take a beating left, right and centre. Our beliefs about pension funds and pensions in general stem from a 'older generation' ... our grandparents or parents had a pension and that's what we base our realities on. The fact is, with the scrapping of final salary pensions, the fees that get applied year on year, the fact HFT is skimming money off the top and that hedge funds use them as a win - win situation for the hedge fund (hedge fund takes profit, but doesn't suffer any losses since it's trading other people's money) - they get shafted.
I have nothing against anyone putting in some small amounts that get matched by an employer, especially for tax benefits, but personally I wouldn't rely on a pension. I see it as a worst case scenario rather than a plan for my retirement age.
[Edited on 12-11-2013 by Paul_J]
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James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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But the problem isn't with pensions, it's with the funds the money is invested in.
A pension is just a tax free wrapper for assets. You'd be stupid not to use one. Most private pensions that you would get through an employer are just invested in funds, that's where they start to lose money.
The first part of this article explains it pretty well:
http://blog.moneysavingexpert.com/2006/05/08/the-one-word-that-caused-the-pension-crisis/
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